PDT Partners LLC Acquires New Shares in Occidental Petroleum Corporation $OXY

PDT Partners LLC bought a new position in Occidental Petroleum Corporation (NYSE:OXY) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 87,196 shares of the oil and gas producer’s stock, valued at approximately $4,235,000.

Other hedge funds also recently added to or reduced their stakes in the company. National Pension Service boosted its stake in Occidental Petroleum by 13.0% during the 4th quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer’s stock valued at $44,589,000 after purchasing an additional 124,879 shares during the period. Vanguard Group Inc. increased its stake in shares of Occidental Petroleum by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer’s stock valued at $3,696,716,000 after purchasing an additional 699,137 shares during the period. Hosking Partners LLP increased its stake in shares of Occidental Petroleum by 4.9% in the fourth quarter. Hosking Partners LLP now owns 577,368 shares of the oil and gas producer’s stock valued at $23,741,000 after purchasing an additional 27,030 shares during the period. Swiss National Bank raised its holdings in shares of Occidental Petroleum by 7.2% during the first quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer’s stock valued at $140,947,000 after buying an additional 145,100 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Occidental Petroleum by 4.1% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,685,169 shares of the oil and gas producer’s stock worth $109,536,000 after buying an additional 66,438 shares during the period. 88.70% of the stock is currently owned by institutional investors.

Occidental Petroleum Stock Down 2.8%

NYSE OXY opened at $58.44 on Wednesday. Occidental Petroleum Corporation has a 12 month low of $38.80 and a 12 month high of $67.45. The company has a market capitalization of $58.42 billion, a P/E ratio of 9.05, a PEG ratio of 0.95 and a beta of 0.15. The company’s 50 day simple moving average is $54.77 and its 200 day simple moving average is $55.74. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.13.

Occidental Petroleum (NYSE:OXY) last issued its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.57. The firm had revenue of $8.06 billion during the quarter, compared to analysts’ expectations of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm’s revenue for the quarter was up 53.4% compared to the same quarter last year. During the same period last year, the firm posted $0.39 earnings per share. Equities research analysts expect that Occidental Petroleum Corporation will post 6.09 earnings per share for the current fiscal year.

Occidental Petroleum Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.12 annualized dividend and a dividend yield of 1.9%. This is a boost from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s dividend payout ratio is 16.10%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on OXY shares. Wells Fargo & Company increased their price objective on Occidental Petroleum from $72.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Citigroup reduced their price target on Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, July 17th. Mizuho increased their price target on Occidental Petroleum from $72.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Morgan Stanley lowered their price target on Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a report on Friday, June 26th. Finally, Stephens reduced their price objective on shares of Occidental Petroleum from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $64.83.

Insider Activity

In related news, CEO Richard A. Jackson bought 4,770 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were bought at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the transaction, the chief executive officer directly owned 444,098 shares of the company’s stock, valued at approximately $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is owned by insiders.

About Occidental Petroleum

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.